1

CORPORATE PRESENTATIONNOVEMBER 2019

DISCLAIMER

2

This presentation contains forward-looking statements. All statements other than statements of historical fact contained in this presentation are forward-looking statements, including, without limitation, statements regarding our drilling and seismic plans, operating costs, acquisition of equipment,expectations of finding oil, the quality of oil we expect to produce and our other plans and objectives. Readers can identify many of these statements bylooking for words such as “expects”, “believe”, “hope” and “will” and similar words or the negative thereof. Although management believes that theexpectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Bytheir nature, forward-looking statements require us to make assumptions and, accordingly, forward-looking statements are subject to inherent risks anduncertainties. We caution readers of this presentation not to place undue reliance on our forward-looking statements because a number of factors maycause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressedin the forward-looking statements and the assumptions underlying the forward-looking statements.

The following risk factors could affect our operations: the contingent resource and prospective resource evaluation reports involving a significant degree ofuncertainty and being based on projections that may not prove to be accurate; inherent risks to the exploration and production of oil and natural gas;limited operating history as an oil and natural gas exploration and production company; drilling and other operational hazards; breakdown or failure ofequipment or processes; contractor or operator errors; non-performance by third-party contractors; labour disputes, disruptions or declines in productivity;increases in materials or labour costs; inability to attract sufficient labour; requirements for significant capital investment and maintenance expenseswhich PetroRio may not be able to finance; cost overruns and delays; exposure to fluctuations in currency and commodity prices; political and economicconditions in Brazil; complex laws that can affect the cost, manner or feasibility of doing business; environmental, safety and health regulation which maybecome stricter in the future and lead to an increase in liabilities and capital expenditures, including indemnity and penalties for environmental damage;early termination, non-renewal and other similar provisions in concession contracts; and competition. We caution that this list of factors is not exhaustiveand that, when relying on forward-looking statements to make decisions, investors and others should also carefully consider other uncertainties andpotential events. The forward-looking statements herein are made based on the assumption that our plans and operations will not be affected by suchrisks, but that, if our plans and operations are affected by such risks, the forward-looking statements may become inaccurate.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statementsincluded in this presentation are made as of the date of this presentation. Except as required by applicable securities laws, we do not undertake to updatesuch forward-looking statements.

Revenue US$ 159 million US$ 277 million

EBITDA US$ 51 million US$ 116 million

Net profit US$ 38 million US$ 29 million

Enterprise Value US$ 250 million US$ 615 million

FZA-M-539

Manati

EXECUTIVE SUMMARY

FZA-M-254

FradePolvo

• Well positioned to attract capital (Leverage potential;Governance level “Novo Mercado”)

• Experienced technical team – Qualification as an A-Operatorgranted by ANP

• Successful track record in Polvo Field: to be replicated in Fradeand new M&A prospects

• PetroRio generates value in producing fields through costreduction and operational efficiency

CE-M-715

* In boed. Proportional to stake in asset

3

M&A Timeline

The largest independent Oil and Gas producer in Brazil

Assets

Field W.I. Prod.*

POLVO 100% 8,000

MANATI 10% 2,400

FRADE 70% 13,500

FZA-M-254 100% -

FZA-M-539 100% -

CE-M-715 50% -

Financial Highlights

9M18 9M19

Polvo’s estimated decommisioningTimeline (1P)

PETRORIO SEEKS LONG-TERM GROWTH THROUGH THE ACQUISITION AND REDEVELOPMENT OF PRODUCING O&G FIELDS

• Significant cost reduction (60%) compared to the previous Operator

• Lean Overhead

Polvo’s Operational Cost - USD MM

• Meticulous reservoir management, extending the asset’s economic life

• Interventions and drillings

• Increased operational efficiency to98%

• Assets seen as “small” by Majorsreceive special attention fromPetroRio

FOCUSCOST REDUCTION 31 2 ENHANCED OIL RECOVERY

2017

2020

2022

2023

2023

2025

2013

2014

2015

2016

2017

2018

4

240

102

2013 (BP) 2018 (PetroRio)

- 60%

+8yrs

The Company creates value by increasing its asset’s production potential through well management, in-field and near-field development, while carrying out cost reduction measures aiming at increasing margins and extending the economic life of its fields.

4

ASSETS OVERVIEW

1- D&M Certification Report - 12/31/20182- September/19

3- Company estimates

4- Proportional to PetroRio’s interest (100% Polvo ; 70% Frade ; 10% Manati)

5

VALUE CREATION

6

431

118.8

94.585.0

30.1 24.2 24.0 17.2 11.9 10.5 9.8 8.3 6.4 6.4 5.9 3.2 1.5 0.6

DELIVERING GROWTH

Adding reserves at attractive prices, creatingvalue through acquisitons and investments

Greater representation in Brazilian production

Replacing reserves above the annual productionlevel

* The Reserve Replacement Ratio divides the added reserves amount by the volume produced during the period

US$/added bbl (1P) EV/bbl (1P)

Reserve Replacement Ratio*

Oil Production Ranking (Mboe/day)

7

127%156%

437%

2017 2018 2019e

* 70% interest in Frade

…

PetroRioSep19

$13.52

Source: ANP, Monthly Production Bulletin, July 2019

3,8x

$6.58 $7.37

$9.98

Polvo DrillingCampaign '18

Manati (10%) Frade (70%)

30,7 30,732,0

40,1

44,2

34,0

26,6

30,6 30,8

24,022,9

18,00

23,00

28,00

33,00

38,00

43,00

48,00

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

INCREASING FREE CASH FLOW

Improved Lifting cost is a result of theincorporation of Frade’s production andsynergies between Frade and Polvo.

Higher EBITDA per barrel leaves PetroRio wellpositioned for its M&A strategy.

Lifting Cost PetroRio (US$/bbl)

EBITDA* per Barrel (US$/boe)

8

0,1

6,58,0

11,5

4,8

24,127,2

13,1 12,9

30,9

31.5

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

1212

407305 287

201143 116 83 71 70 64 54

725

MARKET OPPORTUNITIES

~700 Mboe per day from fields producing under 50 Mboe per day – within the Company’s M&A niche

Regulatory scenario encourages Petrobras to reduce its participation in Brazilian production, making room for new players and acquisitions

Production per field (Mboe/d) Total Production - Brazil (Mboe/d)

9

Split between over 250 fields

Source: ANP, Monthly Production Bulletin, September 2019Source: ANP, Monthly Production Bulletin, September 2019

2,420 2,328 2,306 2,250 2,494 2,565 2,672 2,532 2,512 2,792

30193 199 260

311477 489 781 778

671

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019*

Petrobras Other Producers

PRODUCTION SHARING SYSTEM

1st PRE-SALT BIDDING ROUND

END OF PETROBRAS’ MONOPOLY AS PRE-SALT OPERATOR

BIDDING ROUNDS SCHEDULE

1ST PERMANENT OFFER BIDDING ROUND (OPEN ACREAGE)

CHANGE OF GOVERNMENT

SIMPLIFICATION OF LOCAL CONTENT LEGISLATION

ROYALTIES UPON INCREMENTAL PRODUCTION ADJUSTMENT

10

2010

2012

2016

After the 2016 change of government, there was a significant shift of mindset in the Ministry of Mines and Energy and ANP (Regulatory agency) towards a more favorable business environment, encouraging investments from small E&P companies.

2016

2017

2018 2019

2019

In the current Production Sharing System, the State owns the oil, which is produced in a partnership agreement with the Federal Government.

CNPE (National Energy Policy Council) established a multiannual bidding rounds schedule to make the process more predictable for potential participants.

Revised Local Content rules turn requirements more flexible and negotiated through specified agreements.

Advanced stage of discussion of royalty reduction of up to 5% on incremental production from new investments, enabling the extension of the field’s useful life.

FAVORABLE REGULATORY FRAMEWORK

FRADE FIELD70% WORKING INTEREST

11

12

13,500boe/d

99.1%Operational Efficiency

2020/2021 DrillingCampaign

OPERATIONAL EFFICIENCY

Average Daily Production and Operational EfficiencyFrade Field (100%)

13

Short-term measures (completed)

1) Gas injection

2) Well re-opening with hydrates

3) Initiatives to improve reservoir

management and drainage

Medium-term measures (ongoing)

3) Water Shutoff / RPM

4) Well stimulation

Short-term reductions: low effort, high impact

Completed

SHORT-TERM: COST REDUCTIONS

Leaner Operation and Management

due to gains in efficiency

Payroll incorporated to PetroRio’s

Chevron International overhead reduction

Maintenance contracts renegotiation

Materials and inventory reductions

Logistics Synergies with

Polvo

Shared Logistics with Polvo:

1 Helicopter

1 supply base

3 supply boats

Supply boats consumption reduction

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Ongoing

Phased drillings

Average Cost per well: US$ 75 MM

MEDIUM-TERM: 2020/2021 DRILLING CAMPAIGN

Global project – 4 producers and 3 injectors

FRADE’S REVITALIZATION PLAN

15

= 1st phase (3 wells)Current producers

Current injectors (disabled)

Scheduled producers

Scheduled injectors

ODP1

ODP4

ODIJ

N5I1

N5P1

UPP1

ODP3

MDP1

OUP3 MDP2

MUP5

MUP6

MUP3

MUP2

MUI2

OUP2

MUP2

OUP1

OUI2

OUI3

N5I2

OUI1

FRADE RESERVOIRS

POLVO FIELD100% WORKING INTEREST

16

8,000boe/d

98.5%Operational Efficiency

2019 DrillingCampaign

OVERVIEW POLVO FIELD - 100% PETRORIO

Proved (1P)

Proved + Probable (2P)

Proved + Probable + Possible(3P)

14.1

20.5

30.1

POLVO FIELD’S RESERVES OIL (million bbl)

Source: D&M Certification Report – 12/2018

Campos Basin

Export Destination

Polvo field

Reserves

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• Close to Cabo Frio• Area: 134.24 km² • Depth: 92 - 180m

19

2 months for each well drilled

Initial investment of approximatelyUS$ 20 million for the first stage

REVITALIZATION PLANPHASE 3

POLVO DRILLING CAMPAIGN - 2019

Increase in scope for first stage:1 workover; 1 recompletion; 2 wells

MANATI NATURAL GAS FIELD10% WORKING INTEREST

20

2,400boe/d

Steady and predictable cash-flow

“Take-or-pay” contract with Petrobras

2-year Paybackand IRR of 66%

Natural Gas Producing Field

MANATI FIELD

Located in the Camamu-Almada basin, 65km from Salvador, Bahia

Referentes à Participação de 10% da PetroRio no Consórcio

2 year payback and IRR of 66%

-19

-3

12

2230

3539

2017 2018 2019 2020 2021 2022 2023

22

Proved reserves of 3 million boe (net to Petrorio’s 10% stake)

“Take-or-pay” contract makes Company’s cash flow predictable

Manati Cumulative Cash Flow Since Acquisition(US$ millions)

EXPLORATORY ASSETS

• Oil asset

• Ongoing studies for potential assessment and drilling campaign

Pirapema/FZA-M-539 (100% PetroRio)

FZA-M-254 (100% PetroRio)

CE-M-715 (50% PetroRio)

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• Natural Gas Discovery in Foz do Amazonas basin

• Two drilled wells

• Gas reserves estimates of up to 18 Bm³ expandable to 28 Bm³

• Depth: 130m

• Oil asset

• Ongoing studies for potential assessment and drilling campaign

FUNDING THE EXPANSION

24

DELEVERAGING

1.2x net debt/EBITDA leverage takes into account all debt incurred with Frade’s acquisition, although only 6 months of the asset’s free cash flow.

Net Debt/LTM EBITDA

25

4Q18

-109 -118 -120 -127

241

172 1673.3x

1.5x1.2x

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Net Debt (ex-IFRS 16) Net Debt / Adj. EBITDA (ex-IFRS 16)

FUNDING

26

Vendor Finance (Chevron)US$ 224 million2 year termLibor + 3% p.a.Paying for the asset using its own cash flow with vendor finance

PPE (ICBC)US$ 60 million4 year termLibor + 3% p.a.Guarantees Polvoproduction sales to PetroChina

FinepR$ 90 million2.5 year grace period10 year termTJLP + 1.5% p.a.

CitibankUS$ 48 million4 month termLibor + 3% p.a.Working capital

188,054,3

13,1

49,0

9,9

Vendor Finance (Chevron)

PPE (ICBC)

Finep

Citibank

Others (Short Term)93%

4%3%

Libor + 3% p.a.

TJLP + 1.5% p.a.

Others (Short Term)

Loans and Funding(US$ thousand)

< 12 months 2nd year 3rd year 4th year > 5 years

Amortization Schedule

Others (Short Term)

Citibank

Finep

PPE (ICBC)

Chevron

US$ MM

84.1

9.5

203.9

FUNDING

Loans and Funding(US$ thousands)

Vendor Finance (Chevron)US$ 224 million2 year termLibor + 3% p.a.Paying for the asset using its own cash flow with vendor finance

PPE (ICBC)US$ 60 million4 year termLibor + 3% p.a.Guarantees Polvoproduction sales to PetroChina

FinepR$ 90 million2.5 year grace period10 year termTJLP + 1.5% p.a.

27

95%

5%

US$

R$

CitibankUS$ 48 million4 month termLibor + 3% p.a.Working capital

11.6 5.3

Investor Relations

Praia de Botafogo, 37022250-040 Rio de Janeiro/RJ, Brasil

+55 21 3721 2129

ri@petroriosa.com.br

ri.petroriosa.com.br

CONTACT

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ANNEX I: INCOME STATEMENT

29

Figures are in BRL using free FX translation.*Adjusted EBITDA excludes “Other revenues/expenses”

Includes IFRS 16 fromJanuary 1, 2019

Ex-IFRS Ex-IFRS

3Q18 3Q19 Δ 9M18 9M19 Δ 3Q19 9M19

Net revenue 56,860 100,515 77% 159,429 277,279 74% 100,515 277,279

Cost of goods sold (19,571) (30,533) 56% (68,911) (100,428) 46% (22,677) (75,335)

Royalties (4,534) (8,142) 80% (12,598) (24,396) 94% (8,142) (24,396)

Operatin income 32,755 61,841 89% 77,919 152,455 96% 69,696 177,549

General and administrative expenses (5,822) (7,465) 28% (21,774) (21,727) 0% (7,129) (20,732)

Other operating income (expenses) (4,026) (6,704) 67% (4,848) (14,932) 208% (6,704) (14,932)

EBITDA 22,907 47,672 108% 51,297 115,796 126% 55,863 141,885

EBITDA margin 40% 47% 7 p.p. 32% 42% 10 p.p. 56% 51%

Depreciation and amortization (5,676) (22,922) 304% (18,434) (34,314) 86% (30,024) (57,678)

Financial Results 7,377 (24,793) n/a 12,141 (42,032) n/a (43,756) (64,427)

Income and social contribution taxes (6,519) (183) -97% (6,512) (10,549) 62% (183) (10,549)

Income (loss) for the period 18,088 (226) n/a 38,493 28,900 -25% (18,101) 9,231

Ex-IFRS Ex-IFRS

3Q18 3Q19 Δ 9M18 9M19 Δ 3Q19 9M19

Adjusted EBITDA* 26,933 54,376 102% 56,145 137,366 145% 62,567 156,817

Adjusted EBITDA margin 47% 54% 7 p.p. 35% 47% 11 p.p. 62% 57%

(US$ thousands)

ANNEX II: BALANCE SHEET (US$ thousands)

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ASSETS Dez/18 Set/19 LIABILITIES Dez/18 Set/19

Cash and cash equivalents 38,527 86,279 Suppliers 18,315 31,185

Securities 160,946 60,578 Labor obligations 3,731 8,680

Restricted cash 2,907 3,029 Taxes and social contributions 9,253 13,668

Accounts receivable 8,733 20,684 Loans and financing 55,609 203,872

Oil inventories 14,176 30,200 Debentures 77 2,253

Consumable inventories 521 1,207 Advances from partners 1,698 31

Derivative Financial Instruments - 1,316 Contractual Charges (Lease IFRS 16) - 50,188

Recoverable taxes 16,753 18,001 Other liabilities 4,065 -

Advances to suppliers 9,487 10,461 Total current liabilities 92,747 309,878

Advances to partners 731 8,685

Prepaid expenses 415 2,244 Suppliers 3,353 3,232

Other receivables 51 409 Loans and financing 6,430 110,496

Total Current assets 253,246 243,094 Debentures 7,810 -

Provision for abandonment (ARO) 17,178 170,548

Provision for contingencies 4,360 8,337

Non-current assets available for sale 6,645 6,867 Deferred taxes and social contributions 578 490

259,891 249,962 Contractual Charges (Lease IFRS 16) - 190,236

Other liabilities 161 437

Total non-current liabilities 39,870 483,776

Advances to suppliers 3,149 3,028

Deposits and pledges 4,905 6,589 Minority Interest - 365

Recoverable taxes 6,428 4,858

Deferred taxes 2,085 2,287 Realized capital 818,279 795,011

Right-of-use (Lease CPC 06.R2 IFRS) - 222,657 Capital reserves 14,546 27,441

Property, plant and equipment 11,323 363,628 Other comprehensive income 4,551 26,287

Intangible assets 96,486 235,551 Accumulated losses (636,944) (563,198)

Total non-current assets 124,375 838,598 Income (loss) for the period 51,219 9,000

Total shareholders’ equity 251,649 294,541

Total Assets 384,266 1,088,560 Total liabilities and shareholders’ equity 384,266 1,088,560 Figures are in BRL using free FX translation.